520 Parr Street

Property Overview: 520 Parr Street, Winnipeg

Section 1: Key Characteristics & Appeal

This one-and-a-half storey home on Parr Street is a practical and well-positioned property in the Inkster-Faraday neighbourhood. Built in 1945, it offers 1,100 sqft of living space with a renovated basement and a detached garage. Its key appeal lies in its strong standing within its immediate area. While its size is average for the street and neighbourhood, its assessed value ranks in the top 20% locally, suggesting it is viewed as a well-maintained or improved home compared to its peers. The lot is a manageable 3,007 sqft.

This home would suit first-time buyers or practical investors looking for a solid, no-fuss entry into the Winnipeg market. It’s a home for someone who values a renovated basement space and a classic layout over modern square footage. A thoughtful perspective is that its above-average assessment for the area could indicate less immediate repair work needed than neighbouring properties, offering a relative sense of move-in readiness. However, its below-average citywide rankings for value, lot size, and year built highlight that this is very much a neighbourhood-centric purchase, appealing to those who prioritize local value over city-wide comparisons.

Section 2: Frequently Asked Questions

1. How does this home’s value compare to others nearby?
The home’s assessed value is notably above the average for both Parr Street and the wider Inkster-Faraday neighbourhood, placing it in the top 20%. This suggests it may have features or a condition that is assessed more favorably than many comparable homes in the immediate area.

2. What does the sold price history indicate?
Public records show it last sold between $20.5k and $23.5k in November 2016. The current assessed value is $23.9k. For an exact historical sold price, you can request details via email from the listing source.

3. Is the lot size typical?
The 3,007 sqft lot is around average for Parr Street and the Inkster-Faraday neighbourhood. It is, however, significantly smaller than the average citywide lot, which is common for older, established neighbourhoods.

4. What are the nearby properties like?
The immediate neighbours on Parr Street are homes of very similar vintage, and the listing suggests several nearby properties with comparable assessed values, indicating a consistent and stable area in terms of municipal valuation.

5. Why is the citywide assessed value ranking so different?
While the home ranks highly within its local market, it falls in the bottom 15% citywide. This is a common disparity, reflecting that average assessed values in this neighbourhood are substantially lower than the Winnipeg city average, which is skewed higher by newer and larger homes in other areas.